Oct. 02, 2020 - Bill 42, An Act to give effect to fiscal measures announced in the Budget Speech delivered on 21 March 2019 and to various other measures was assented to on September 24, 2020, bringing into force the new rules respecting the disclosure of nominee contracts to Revenu Québec (RQ ). The...
Onerous US Reporting Requirements for US Members of Non-US Family-Controlled Entities: It’s All in the Family
Family wealth and business planning often gives rise to structures that come with burdensome reporting obligations for minority US shareholders. In this Canadian Tax Journal article, Davies partners Peter Glicklich and Gregg Benson point out some of the cases where the burden is much larger than it should be, requiring information that would not ordinarily be shared with the younger generation.
Sept. 29, 2020 - The U.S. Internal Revenue Service (IRS) published proposed regulations (the Proposed Regulations) on August 14, 2020, providing much-needed guidance on the implementation of the carried interest rules under Section 1061. 1 These rules will be of great interest to investment fund managers as well...